Articles by Press Release
Taycor Financial to Become the Vendor Division of North Mill Equipment Finance
November 14, 2024NOVEMBER 8, 2024, NORWALK, CT – North Mill Equipment Finance, LLC (“NMEF”), a leading commercial equipment lessor located in Norwalk, Connecticut, announced today the acquisition of 100% of the stock of TF Group, Inc., (“Taycor Financial”), a preeminent, technology-driven finance provider in El Segundo, California. Taycor Financial will continue to operate as an independent division of NMEF, with a focus on developing direct and vendor origination programs.
NMEF’s partnership with, and substantial capital investment in, Taycor Financial over the past four years has been instrumental in expanding our commercial footprint,” said David C. Lee, Chairman and CEO of North Mill. “As we take this next step to bring our companies even closer, we want to underscore that our dedication to our existing partners remains unwavering. This integration will further empower each division to build on its core strengths – with NMEF committed to nurturing and expanding our referral partner relationships, while Taycor focuses on developing vendor and direct programs.”
Michael Hong, President of Taycor Financial, stated, “This partnership with NMEF represents an exciting opportunity to expand our capabilities and enhance our service speed across underwriting, documentation, and funding. While we look forward to leveraging our combined technology and resources, our dedication to exceptional customer care remains at the heart of everything we do. We will continue to operate under the Taycor Financial name with the same steadfast commitment to our clients and partners, fostering strong relationships, and delivering personalized, responsive support.”
About North Mill Equipment Finance (NMEF)
NMEF is a national, premier lender who works with third-party referral (TPR) sources to finance small to mid-ticket equipment commercial leases and loans ranging from $15,000 to $3,000,000 and up to $5,000,000 for investment grade opportunities. NMEF accepts A – C credit qualities and finances transactions for many asset categories including but not limited to medical, construction, franchise, technology, vocational, manufacturing, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners. The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, Voorhees NJ, and Murray, UT. For more information, visit www.nmef.com. One of NMEF’s controlled affiliates, BriteCap Financial LLC, is a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans since 2003 from its main office in Las Vegas, NV. For more information, visit www.britecap.com.
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Cloudsquare Broker Announces Fall ’24 Release: New Automation and Efficiency for Small Business Lending Brokers
November 12, 2024
Los Angeles, CA – November 12, 2024 – Cloudsquare, a leading innovator in lending technology, is proud to announce the Fall ’24 release of Cloudsquare Broker, its powerful CRM solution for small business lending brokers. This latest update introduces groundbreaking features designed to streamline deal management, boost productivity, and provide greater visibility and control over lending operations.
A Game-Changer for Small Business Lending Brokers
Cloudsquare Broker’s Fall ’24 release focuses on solving key pain points for brokers by providing tools that enhance process automation, increase transparency, and optimize workflow efficiency. These updates come in response to the growing need for comprehensive, adaptable solutions that can scale with a company’s growth.
New Features in the Fall ’24 Release Include:
- Notification Management: Users can now stay up-to-date on deal milestones with customizable, no-code triggers and real-time alerts, ensuring no crucial updates are missed.
- Enhanced Lender API File Submissions: Full transparency is achieved with individual status tracking, allowing brokers to monitor each file’s journey and resubmit swiftly as needed.
- Advanced Workflow Enhancements: Designed to optimize the submission user experience, these targeted improvements empower teams to manage submissions with greater precision, control, and speed, enhancing overall operational efficiency.
“Our team has worked tirelessly to deliver features that align with our customers’ needs for automation, efficiency, and adaptability,” said Jeffrey Morgenstein, CEO of Cloudsquare. “The Fall ’24 release of Cloudsquare Broker exemplifies our commitment to empowering small business lending brokers to maximize their potential with tailored solutions built on Salesforce.”
Availability
The Fall ’24 update is now available to all existing Cloudsquare Broker users. New customers can explore the full potential of this update through tailored demos and consultations.
For more information about the Cloudsquare Broker Fall ’24 release or to schedule a demo, please visit Cloudsquare.
About Cloudsquare
Cloudsquare is the leading end-to-end lending platform, uniquely powered by Salesforce to deliver unparalleled flexibility and innovation for lenders and brokers. With a commitment to optimizing lending processes through cutting-edge technology, Cloudsquare provides robust, scalable solutions that empower clients to achieve greater efficiency and growth. Celebrated by industry leaders, Cloudsquare has earned a place on the Inc. 5000 list as one of America’s fastest-growing companies and is consistently rated a top service provider on platforms like Salesforce AppExchange, G2, Clutch, and Manifest.
For media inquiries, please contact:
Cloudsquare Marketing
Email: marketing@cloudsquare.io
Rapital Launched to Support SMEs With Challenging Credit Situations
October 14, 2024A new Australia online lender has today been launched in response to evolving SME funding needs.
Rapital is set to transform the financial landscape to support both brokers and SME businesses facing difficulty in securing funding from existing lenders and banks.
Rapital will focus on offering a direct route for clients with challenging credit situations, such as low credit scores, with loans ranging between $5,000 and $250,000. With a focus on offering fast funding, Rapital aims to make decisions in as little as three hours so SMEs can access the cash boost they need quickly.
Access to funding remains an evergreen challenge for Australia’s SME community. According to a survey by Small Business Loans Australia, 90% of businesses indicated they would exercise caution in borrowing more money in 2024. Despite this caution, business loan demand has spiked, as reported by the Australian Financial Review. Rapital has been launched to help bridge the financing gap, providing SMEs that have been denied funding from traditional lenders with the essential cash boost they need to thrive.
Rapital’s ambition is to help turn a “no” into a “yes” for SMEs needing rapid and flexible financing solutions. The service promises an easy, transparent process with quick funding, empowering businesses to thrive and grow. In these challenging operating conditions, it is vital that smaller businesses have access to rapid and flexible capital. Rapital will offer a much-needed financial lifeline to the business profiles and industries that are often rejected by banks and other SME lenders.
About Rapital
Rapital’s mission is to empower businesses of all sizes, credit backgrounds and industries by providing brokers and SMEs with funding solutions tailored to meet the real-world challenges they encounter.
For media inquiries, please contact:
Rapital Media Team
Email: info@rapital.com.au
Website: http://www.rapital.com.au
Idea Financial Secures $50 Million Warehouse Facility to Expand Small Business Lending
October 1, 2024Miami, FL – Idea Financial, the leading provider of small business lines of credit, today announced the successful closing of a new $50 million warehouse facility led by Performance Trust Capital Partners. This strategic move significantly enhances Idea Financials’ lending capacity and allows the company to increase its maximum loan limit to $350,000 for well-established small businesses.
The new facility was made possible due to Performance Trust’s relationships with community banks and strengthens Idea Financial’s position in offering competitive and flexible financial products to Main Street businesses across the United States.
“Performance Trust has opened up an entirely new market for Idea Financial through their deep relationships with smaller community banks,” said Larry Bassuk, Idea Financial’s President and co-founder. “With this additional capital, we will continue our mission to be a premier provider of lines of credit for small businesses.”
Justin Leto, Idea Financial’s CEO and co-founder, added, “As the economy shows tremendous resilience and continues to grow, Idea Financial, along with Performance Trust, will be well-positioned to fuel that growth.”
Prior to this partnership, Idea Financial provided lines of credit up to $250,000. The increase to $350,000 allows the company to better serve the needs of growing small businesses requiring larger capital infusions.
Performance Trust Capital Partners, a full-service investment bank focused on community depository institutions, facilitated this deal by leveraging its relationships with community banks and aggregating the capital necessary to provide this substantial warehouse facility – a task typically requiring significant capital from super-regional or national banks.
This partnership marks a significant milestone in Idea Financial’s growth trajectory and reinforces its commitment to supporting small businesses across the nation.
About Idea Financial
Idea Financial is the leading non-bank provider of small business lines of credit in the United States. The company offers financial solutions to high-quality, established businesses needing funds to drive growth. To date, Idea Financial has funded thousands of American small businesses with hundreds of millions of dollars in loans, helping businesses #ChargeForward. For more information, visit ideafinancial.com.
About Performance Trust Capital Partners
Performance Trust Capital Partners is a full-service investment bank focused on community depository institutions. Their innovative approach enables syndication opportunities among community bank partners, allowing for the creation of significant facilities to support small business lenders. For more information, visit performancetrust.com.
For more information, please visit www.ideafinancial.com or contact Idea Financial at marketing@ideafinancial.com
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LoanGeek Launches LiveDeal: An Innovative Deal Portal for Commercial Real Estate Lenders
September 18, 2024RED BANK, N.J,, Sept. 18, 2024 — LoanGeek, a leading platform in commercial real estate financing, is excited to announce the launch of LiveDeal by LoanGeek, providing lenders with direct access to exclusive financing opportunities.
LiveDeal is designed to streamline the deal-sourcing process for lenders. It offers an intuitive, tech-forward solution that allows lenders to explore and evaluate potential deals in real-time. The platform is built for lenders, giving them the ability to filter deals based on key metrics such as loan type, loan amount, property type, and location. With the ability to view deal summaries at a glance, lenders can quickly assess opportunities and express interest in the ones that match their investment criteria.
“Our goal is to maximize deal exposure for our clients while providing lenders with a seamless experience,” said Chris Pepe, CEO of LoanGeek. “Traditionally, we’ve worked directly with lending partners to source financing. With the launch of LiveDeal, we are inviting lenders to be part of the process from the start, increasing efficiency and ensuring they have access to the best deals.”
Key features of LiveDeal by LoanGeek include:
- Advanced Deal Filtering: Lenders can filter deals by location, loan type, loan-to-value (LTV), and other metrics, enabling them to quickly find the most relevant opportunities.
- Instant Notifications: When lenders express interest in a deal, the LoanGeek team is immediately notified, ensuring quick follow-up and detailed discussions about the transaction.
- Real-Time Updates: LiveDeal offers live updates, so lenders are always working with the most current information on each deal.
LiveDeal by LoanGeek offers a significant step forward for lenders seeking efficiency in deal sourcing. It’s designed for lenders who want an efficient way to discover high-quality opportunities, making it the most effective platform for sourcing and evaluating deals in today’s competitive market.
About LoanGeek:
LoanGeek is a commercial real estate financing platform specializing in connecting real estate investors with capital providers. Serving the commercial real estate industry, LoanGeek’s platform streamlines the process for both lenders and borrowers.
For more information, visit www.loangeek.com
Capify Appoints Sam Colclough as Head of Technology to Accelerate Growth in the UK & AU Markets
September 17, 2024
MANCHESTER, 17th September 2024 – Capify, a leading online SME lender, is proud to announce the appointment of Sam Colclough as Head of Technology for both the United Kingdom and Australia. Sam joins Capify at an exciting time for the company, which is experiencing a growth trajectory, leveraging a new £100 million (~$130 mil USD) credit line from Pollen Street Capital, recent senior team appointments and an expanded product suite.
Sam brings a wealth of experience and expertise to Capify. With over 20 years of IT leadership experience, Sam will spearhead Capify’s technological and data-driven innovations, empowering the business to continue its growth across the UK and Australia.
“I’m thrilled to join Capify at such an exciting time,” said Sam Colclough. “Technology is a key enabler of growth, and I’m looking forward to working with the team to further enhance our technology, data & artificial intelligence capabilities. By driving innovation and operational efficiencies, we will continue to deliver exceptional value and support to SMEs across the UK and Australia, helping them to grow and thrive.”
Founded in the UK in 2008 during the global financial crisis, Capify has become a vital financial resource for small and medium-sized businesses. Recognised for its commitment to excellence, Capify was awarded SME Lender of the Year (up to £1m) at the UK Credit Awards last year. Originally launched in the United States in 2002, Capify was one of the world’s first online alternative financing companies for SMEs. Since its creation, Capify has supported over 20,000 businesses and funded over £1.2 billion to help SMEs achieve their growth ambitions.
Capify COO/CFO, John Rozenbroek, said: “We are thrilled to have Sam join the team. His impressive track record of leveraging technology to drive business growth aligns perfectly with our mission. As we look to scale further, Sam’s leadership will be crucial in taking our data and technology to the next level, ensuring we remain at the forefront of innovation in the alternative finance space.”
Capify’s appointment of Sam Colclough underscores the company’s commitment to technological growth and innovation, ensuring it remains at the forefront of the alternative finance industry, delivering unparalleled service and support to SMEs in the UK & Australia.
Abut Capify
Capify is an online lender that provides flexible financing solutions to SMEs seeking working capital to sustain or grow their business. Originally started in the US over twenty years ago, the fintech business now operates in the UK and Australia and has served these markets for over 15 years. In that time, it has provided finance to thousands of businesses, ensuring the vibrant and vital SME community can meet the challenges of today and the opportunities of tomorrow.
For more details about Capify, visit:
Capify UK – http://www.capify.co.uk
Capify Australia – http://www.capify.com.au
Media enquiries
Ash Yazdani, Marketing Director
ayazdani@capify.com
BriteCap Financial Announces New CEO
September 16, 2024BriteCap Financial LLC (“BriteCap”), a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans, announced today the appointment of Richard Henderson as the company’s new CEO.
“I’m proud to see Rick take the helm at a time when BriteCap is poised to bring financial solutions to the market at scale,” said outgoing CEO Sri Kaza. “His experience and relationships across the industry will open the door for many more small businesses.”
BriteCap became a member of the growing family of companies under the North Mill Equipment Finance (NMEF) umbrella in 2023. “We are thrilled to have Rick join as the leader of BriteCap,” reported David C. Lee, Chairman and CEO, NMEF. “His two plus decades of success in equipment finance and working capital lending dovetail well with our strategy to offer comprehensive capital solutions for small and medium sized businesses. In particular, we look forward to developing unique solutions and programs for our key referral partners in partnership with BriteCap.”
“I’m excited to join BriteCap and lead such a respected, values-driven company,” said Rick Henderson, CEO, BriteCap Financial. “BriteCap has built an exceptional, tech-enabled funding platform that blends the speed and convenience of self-service with the expertise of a supportive team, making it easier and faster for small and medium-sized businesses to access the capital they need to grow. I look forward to collaborating with the BriteCap team and our strategic referral partners to build on this legacy, developing innovative solutions that empower America’s business owners and the finance brokers who support them.”
BriteCap operates from offices in North Hollywood, CA and Las Vegas, NV.
About BriteCap Financial
BriteCap Financial is a leading provider of working capital for America’s small business owners. Since 2003, BriteCap combines technology, non-traditional credit algorithms to provide fast, convenient and affordable working capital direct to businesses or through their broker network. For more information about becoming a partner, visit britecap.com/become-a-partner.
About North Mill Equipment Finance
NMEF originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $2,500,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners. The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, and Voorhees NJ.
Media Contacts:
For BriteCap:
David Schneider
Vice President of Marketing
BriteCap Financial, www.BriteCap.com
david.schneider@britecap.com
954-494-1606
For NMEF:
Don Cosenza
Chief Marketing Officer
NMEF, www.nmef.com
dcosenza@nmef.com
203-354-1710
North Mill Announces $404 Million Term Securitization
September 3, 2024SEPTEMBER 3, 2024, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”), a leading independent commercial equipment lender located in Norwalk, Connecticut, announced the closing of its eighth asset backed securitization (ABS), NMEF Funding 2024-A (“NMEF 2024-A”). The $404 million transaction is NMEF’s first ABS transaction this year, bringing the total ABS proceeds raised by NMEF since inception to $2.3 billion. NMEF 2024-A features a strong, diversified collateral pool resulting from NMEF’s recent adjustments to its pricing and risk framework.
“The interest in the NMEF shelf continues to grow. We received 45 orders from 32 unique investors, including 12 first time buyers, that drove demand to a ~3.5x oversubscribed level and allowed for continued tightening of spreads from launch to pricing,” said NMEF’s President and Chief Operating Officer, Mark Bonanno.
Mitch Tobak, NMEF’s VP of Corporate Development added, “NMEF was proud to present a strong collateral pool to investors, with a balanced mix that no longer contains long-haul trucking within the top five equipment types, along with the highest weighted average FICO of any NMEF issuance to date. Transportation collateral represents less than a third of the total pool, a testament to NMEF’s ability to originate profitable paper in a variety of industries. We are grateful for the continued support of our referral partner network and the ~14K active borrowers they have referred to NMEF.”
About NMEF
NMEF originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $2,500,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners. The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, and Voorhees NJ. For more information, visit www.nmef.com. One of NMEF’s controlled affiliates, BriteCap Financial LLC, is a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans since 2003 from offices in North Hollywood, CA and Las Vegas, NV. For more information, visit www.britecap.com.
